Seoul: President Lee Jae Myung pledged Wednesday to step up reforms to overhaul the Seoul-centric system and promote regional development by enhancing local financial autonomy and relocating public institutions. Lee made the remark during his first meeting with regional mayors and governors since taking office in June, stressing the importance of cooperation between the central and local governments as "equal partners."

According to Yonhap News Agency, Lee emphasized the need to reform the Seoul-centric system to achieve balanced regional development. He highlighted plans to decentralize local finances and relocate public institutions to regional areas. Lee noted that more subsidies and support will be provided to regions farther from Seoul under next year's budget bill to enhance local autonomy.

Lee pointed out that the size of local autonomous budgets has nearly tripled, from around 3.8 trillion won to about 10.6 trillion won. He recalled that South Korea first introduced the elections-based local government system 30 years ago but acknowledged that there is still much to be done to address decentralization gaps.

Lee also mentioned that there have been critical assessments of local autonomy being merely symbolic. He assured that the central government will collaborate with local governments to improve people's livelihoods and create a better future for the Republic of Korea.